Dealflow.la #86 - Brazil 🇧🇷 Enacts Trade Reciprocity Law Against US 🇺🇸, Nicaragua 🇳🇮 Reforms Constitution for Ortega Rule, & Mexico 🇲🇽 Launches $298B Investment Portfolio

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Funding

Soyio 🇺🇸🇨🇱 raised a $1M Pre-seed Round with funding from Consorcio 🇨🇱, Platanus 🇨🇱, devlabs 🇺🇸, and 99startups 🇩🇪 to develop a privacy platform that securely manages personal data and facilitates digital identity transitions. The company simplifies identity and consent management, enabling individuals and businesses to comply with strict privacy standards while generating auditable evidence and reducing fraud risks.

Nufi 🇲🇽 raised a $1.5M Seed Round with funding from GPCompas 🇲‍🇽, Magma Partners 🇺🇸, Semilla Ventures 🇲🇽, Ganas Ventures 🇺🇸, and others to provide AI-powered identity verification and background checks for individuals and businesses. Their platform validates identities using photo IDs, public records, judicial data, and social media, processing verifications in under 5 minutes through 100+ data sources to serve 330+ B2B clients across HR, real estate, finance, and security sectors.

Autograph 🇺🇸🇨‍🇱 raised a $2.6M, Pre-seed Round with funding from NFX 🇺‍🇸, Long Journey Ventures 🇺‍🇸, Embedding VC 🇺🇸 and Cibersons 🇵‍🇾 to develop an AI-powered platform for families to capture, preserve, and share life stories and legacies. The company uses AI-guided interviews to help users document personal histories, transforming them into easily shareable digital formats for future generations.

Homelend 🇧🇷 raised an $8M Debt Financing Round with funding from RBR Asset 🇧🇷 to provide financing and end-to-end support for custom-built homes. The company streamlines the entire home-buying process from financing options to final delivery, enabling customers to purchase personalized TecHome units without bureaucratic complications.

Smart Compass 🇨🇱 raised a $17M Debt Financing Round with funding from Itajubá Investimentos 🇧‍🇷 to acquire and manage distressed assets from credit unions across Latam. The company leverages data analytics and AI-driven platforms to optimize debt recovery processes, helping financial institutions stabilize their balance sheets while providing scalable solutions for the region's liquidity challenges.

Mombak 🇧🇷 raised a $17M Debt Financing with funding from Brazil's Climate Fund 🇧🇷 and Brazilian Development Bank 🇧🇷 to expand reforestation efforts in the Amazon rainforest. The company acquires degraded land to create biodiverse forests that generate high-quality carbon credits, helping companies offset their greenhouse gas emissions while restoring the Amazon ecosystem.

Acquisition News

• Fiserv 🇺🇸 acquired Money Money 🇧🇷, a credit fintech that connects investors with small and medium-sized businesses through a P2P lending platform offering loans, financial advisory, and investment management solutions to expand its presence in Latam and enhance its SMB financial services portfolio with digital lending capabilities.

• Moova 🇦🇷 acquired Vonzu 🇪🇸, a developer of logistics management platforms with smart routing, tracking, and operations tools for retailers and delivery operators, to expand its last-mile delivery capabilities into Europe and enhance its technological stack with advanced route optimization and operations digitalization features.

Startup & VC News

• Mexican Government 🇲🇽 announced launching "Ventanilla Digital Nacional," reducing startup registration from 51 procedures to 32 and slashing processing time from 8.5 days to 24 hours. This overhaul eliminates 70% of bureaucratic hurdles and aligns with Mexico’s goal to rank among Latam’s top 3 tech hubs by 2030. (El Comentario del Día) (Gobierno de México)

• Central Bank of Brazil 🇧🇷 announced updated Open Finance guidelines mandating participation for institutions with over 5M clients and expanding data-sharing to investment portfolios, forex operations, and frictionless payments. This regulatory overhaul empowers fintechs to access 47M+ active consents and challenges traditional banks’ data monopolies, accelerating hyper-personalized financial services across LatAm’s largest economy. (DGABC) (ATAC Santos)

• Nowports 🇲🇽 announced the appointment of Fernando Poitevin as its new CEO, while cofounder Alfonso de los Ríos transitions to President role, marking the first time a non-founder leads a Mexican unicorn. This leadership change aims to accelerate the $1.1B logistics startup's operational transformation and AI-driven solutions across Latam. (IT Masters Mag) (Grupo T21)

• Kavak 🇲🇽 announced raising $127M at a $2.2B valuation, marking a 75% drop from its previous $8.7B peak to strengthen its auto credit business. The former Latam unicorn champion exemplifies a broader market correction, with nearly half of 2021's unicorns facing significant devaluations when raising capital in today's tighter funding environment. (Bloomberg)

Sociopolitical News

🇦🇷 Argentina

• The IMF keeps Argentina's 2025 growth forecast at 2.3%, but analysts warn fiscal tightening could spark recession and half the board doubts loan sustainability. Concerns focus on Argentina’s debt repayment, persistent 140% inflation, and risk of economic contraction from reduced public spending. (Infobae) (EL PAÍS Argentina)

• Argentina's economy grows 5.7% year-on-year in February 2025, signaling recovery after austerity measures. The fourth consecutive monthly expansion reflects improving conditions in Latin America's third-largest economy, bolstered by President Javier Milei's fiscal reforms despite earlier challenges. (Reuters)

• Argentina's transition to a managed float exchange rate (1,000–1,400 ARS/USD) shows initial market stability despite risks of future volatility. Economists praise the orderly adjustment but warn of challenges as Argentinians adapt to currency fluctuations, with some criticizing premature government interventions in exchange markets. (Clarín)

🇧🇷 Brazil

• Brazil and Chile’s presidents agreed to expand bilateral trade, highlighting $11.7B in exchanges for 2024. Both leaders pledged to reinforce economic ties, with Lula advocating for a fairer trade balance through more Brazilian imports of Chilean goods. (Agência Brasil)

• Brazil’s new Trade Reciprocity Law allows swift tariffs or barriers against countries-especially the U.S.-that target Brazilian exports, intensifying global trade tensions. A direct response to the Trump administration’s new 25% tariffs on Brazilian steel and aluminum (worth $3.2B), the law gives Brazil fast-track authority to mirror such sanctions and signals stronger protectionist policies amid rising international trade disputes. (Brasil 247) (Agência Brasil)

🇨🇱 Chile

• IMF lowers Chile's 2025 growth forecast to 2%, amplifying pressure on Finance Minister Mario Marcel to implement fiscal cuts amid a regional slowdown. The adjustment reflects global economic headwinds and domestic challenges, though Chile’s fiscal and monetary policies remain praised by analysts. Latin America’s overall growth is projected at 2%, aligning with Chile’s revised outlook. (BioBio Chile)

• Chile's pension regulator is consulting on target-date fund reforms (Law 21.735) to replace existing funds with glide-path portfolios, mandating 5–10% allocations to alternatives like private equity. The move could funnel $1.2B–$2.4B yearly into alternatives by 2030, aligning with OECD trends. (Alessandri Legal)

• Chile's President Gabriel Boric emphasizes strategic autonomy and balanced trade with both the US and China during his Brazil visit, while criticizing far-right political movements. The stance reflects a growing Latin American trend towards non-alignment in global power struggles and highlights regional economic priorities. (BioBioChile Televisión) (EL PAÍS Chile).

🇨🇴 Colombia

• Colombia must meet IMF fiscal and policy benchmarks to maintain its $17.8 billion Flexible Credit Line, a critical safeguard against global economic shocks. The conditions emphasize containing fiscal deficits, stabilizing public debt, and preserving central bank independence amid inflation challenges. (El Espectador)

• Shell exits Colombia after over a century, marking the departure of the last global oil major and dissolving its gas partnership with state-owned Ecopetrol. The move concludes a strategic shift from Colombia's hydrocarbon sector and follows five other multinational energy firms' exits since 2019. (La República) (El Tiempo).

🇨🇷 Costa Rica

• Costa Rica's Central Bank plans to reform the deposit guarantee fund by increasing financial institution contributions and allowing domestic investments in government bonds. The proposal aims to reduce the fund's maturation period from over 40 years to a shorter timeframe and mitigate exchange rate risks that caused ₡34 million in losses last year. (Actualidad Tributaria)

• CORE and Mercado de Valores launch Costa Rica's first real estate development investment fund to finance the $54.6M SECRT Escalante tower in San José. The closed-end fund begins with $18.7M initial capital and targets institutional investors seeking compliance with pension fund regulations. (Revista Summa)

🇩🇴 Dominican Republic

• Dominican Republic maintains fuel prices for key products despite global oil market volatility, allocating a RD$151.1M ($2.5M) subsidy for LPG stability. This marks the fourth consecutive week of stable prices as the government has spent over RD$1.8B ($30M) on subsidies since January to shield consumers from market fluctuations. (Diario Libre)

• The Dominican Republic is set to be one of Latin America’s fastest-growing economies in 2025, with 4% GDP growth forecasted by the World Bank. This outpaces most of the region, driven by tourism and investment, despite broader regional slowdown and external risks. (Diario Libre) (World Bank)

• Dominican Republic's exports grew 12.16% to $3.17B in Q1 2025, with free zones contributing 63% of the total. Medical instruments ($452M) and tobacco ($303M) led free zone exports, while national exports rose 29.7% to $1.1B. The U.S. remained the top destination, with Haiti and India showing significant growth. (Diario Libre) (ProDominicana)

🇪🇨 Ecuador

• The Organization of American States (OAS) has confirmed the legitimacy of Ecuador's presidential election, despite allegations of fraud from the opposition. The OAS found no evidence of widespread irregularities, aligning with the European Union's assessment, while Luisa González demanded a recount, calling the results "grotesque" fraud. (La Silla Vacía) (OAS) (CNN)

🇸🇻 El Salvador

• El Salvador's President Nayib Bukele proposed a prisoner swap with Venezuela, offering to repatriate 252 Venezuelan deportees in exchange for an equal number of "political prisoners." This move highlights tensions between the two nations, with Venezuela rejecting the offer and labeling it "cynical" while demanding the unconditional release of the deportees, whom they claim are not criminals. (CNN) (Reuters) (DW)

🇬🇹 Guatemala

• The Guatemala-Peru FTA unlocks $146M in annual export potential, benefiting Guatemalan agriculture and manufacturing sectors. The modernized agreement has driven bilateral trade to $250M in 2024 (+20.5% YoY), with preferential access for 366 SMEs and updated tariff schedules. (Prensa Libre) (Mineco Guatemala)

• Guatemala launched its largest energy tender (PEG-5-2025), targeting 1,400 MW of guaranteed power to meet rising demand from AI, EVs, and industrial growth. The $4B-$5B initiative prioritizes renewables and natural gas while expanding transmission infrastructure to prevent shortages. (ALTA) (PV Magazine)

🇭🇳 Honduras

• Honduras' Q1 2025 remittances surged 25% YoY to $2.6B, bolstering economic stability. These inflows, now 25% of GDP, were primarily from the U.S. (85%) with most funds supporting essential household needs. The World Bank projects continued dependency despite slowing economic growth. (Findev Gateway) (Tiempo)

• The IMF endorsed Honduras' economic resilience, approving a $155M disbursement following successful reforms. The country maintained 3.6% GDP growth in 2024 while controlling inflation at 4.5%, supported by public investment and fiscal discipline under President Castro's administration. (IMF) (Prensa Latina)

🇲🇽 Mexico

• The IMF projects Mexico's economy to contract 0.3% in 2025 due to U.S. tariffs, significantly downgrading growth expectations. This revision reflects weakened trade and tighter financial conditions, while President Sheinbaum maintains optimism about economic resilience despite analysts' recession concerns. (Infobae) (El Economista)

• Mexico launches $298B investment portfolio with 1,937 projects representing 16% of GDP. The Prosperidad Compartida initiative focuses on manufacturing, energy, and infrastructure across key states, with major corporations participating despite administrative challenges. (Gob.mx) (Milenio)

• Mexican President Sheinbaum signals willingness to revise controversial telecoms bill after widespread censorship concerns. The legislation's Article 109, which critics say enables state control over digital platforms, drew opposition from the UN and free speech advocates, prompting the president to consider modifications. (Reuters) (UN Human Rights)

🇳🇮 Nicaragua

• Nicaragua's constitutional reform cements Ortega-Murillo family rule through unprecedented power consolidation. The changes establish co-presidencies with six-year terms, eliminate democratic checks, and create paramilitary forces, institutionalizing authoritarianism and dynastic succession. (La Prensa Panamá)

🇵🇦 Panama

• Donald Trump’s call for free US passage through the Panama and Suez canals highlights renewed US ambitions over key trade routes. Trump’s directive to waive fees for US ships has sparked diplomatic pushback from Panama, which asserts control over canal access, amid broader concerns about sovereignty and rising global tensions. (The Guardian) (Politico Europe)

• Panama’s National Assembly is revisiting crypto regulation to boost fintech innovation and attract investment. The new bill proposes a digital assets council, voluntary crypto payments, and stricter anti-money laundering measures, following a previous partial veto in 2022. (La Estrella de Panamá) (CoinSwitch)

• Panama leads Latin America in economic growth for 2025, with GDP set to rise 3–4.5% and the region’s lowest inflation. Strong logistics and finance sectors drive this momentum, while investor confidence is reinforced by credit rating upgrades and FDI growth, though structural reforms remain needed. (Ministerio de Economía y Finanzas de Panamá)

🇵🇾 Paraguay

• Mercosur’s trade bloc is shielding Paraguay from US tariff impacts, supporting its export-driven growth. With 63% of exports going to Brazil and Argentina, Paraguay’s economy remains resilient, and 2025 GDP is projected to rise 4% despite global trade tensions. (Buenos Aires Times) (MercoPress)

🇵🇪 Peru

• The IMF and World Bank doubt Peru’s MEF projection of 4% GDP growth for 2025, expecting closer to 3% despite deregulation efforts. Global institutions cite ongoing political uncertainty and slow private investment recovery, urging deeper structural reforms for stronger growth. (Revista Economía) (IMF) (World Bank)

🇻🇪 Venezuela

• Vitol is rapidly increasing Venezuelan oil purchases-over 2.5M barrels in April-before its US license expires in May, aiming to profit from discounted crude amid tightening sanctions. While US firms pull back, Vitol’s move highlights shifting trade dynamics as Venezuela seeks new buyers and introduces new oil blends to sustain exports. (Bloomberg) (Reuters)

• Venezuelan Vice President Delcy Rodríguez’s visit to China strengthens a key alliance focused on oil, technology, and space amid U.S. sanctions. China remains Venezuela’s top trading partner and oil buyer, while both nations expand cooperation in infrastructure and space technology. (El Universal) (Venezuelanalysis)

🇺🇸 Miami

• Miami has asked Florida’s new DOGE agency to audit its finances for waste and fraud, reflecting increased scrutiny of local government spending. This follows recent scandals and aligns with a statewide push for efficiency as federal funds decline. (GovTech) (NBC Miami)

• South Florida’s real estate market in April 2025 is shifting to favor buyers as inventory rises and prices moderate. Listings are up over 30% year-over-year, sales are slower, and average discounts reach 2–4%, giving buyers more leverage amid high mortgage rates and living costs. (Negocio Miami) (Fortune Christie’s)

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